Daily News for Commercial Real Estate & Business – June 24, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

To view the June Morningstar CMBS Delinquency Report, click here.

LBA REALTY SPENDING $12.3 MILLION FOR OFFICE BUILDING AT 44TH STREET AND VAN BUREN In a deal set to close at press time, a fund managed by LBA Realty in Irvine, Calif. (Steven Layton, et al., principals) was expected to pay $12.3 million ($89.74 per foot) to acquire a 137,069-square-foot office building at 444 N. 44th Street in Phoenix. The seller is R. Craig Hannay of Hannay Investment Properties in Phoenix, as receiver for a commercial mortgage backed security (CMBS) that owns the asset. View article...

VENTURE PAYS $60 MILLION FOR PIMA CENTER OFFICE BUILDINGS A venture formed by MainSpring Capital Group in Scottsdale, GEM Realty Capital Inc. in Chicago, Ill. and Farallon Capital Management LLC in San Francisco, Calif. paid $60 million ($109.71 per foot) to buy 546,872 sq. ft. of office buildings within the Pima Center business park on the Salt River Pima-Maricopa Indian Community. The seller was a company formed by Bank of America, which had financed the project for the developer of the eight buildings sold to the MainSpring venture. View article...

Mesa leases Air Force lab site with eye toward ownership The city of Mesa has signed a lease for the U.S. Air Force Research Laboratory near Phoenix-Mesa Gateway Airport, with an eye toward eventually taking ownership of the land and expanding the operation. Officials see it as preserving a facility that has housed as many as 235 jobs, but has been a victim of defense spending cuts. View article...

Phoenix to get multimillion-dollar biomedical-data project The Barrister Place Building downtown and the Phoenix Sky Harbor Center will become the home of a multimillion-dollar data center and bioscience hub that will link disjointed sectors of the health-care industry to more efficiently care for patients and develop medical breakthroughs. The Phoenix City Council on Wednesday struck a deal with an organization headed by health-care visionary Dr. Patrick Soon-Shiong to bring the supercomputer project to Phoenix. View article...

Scottsdale panel OKs Phase 2 for Safari Drive condos The Scottsdale Planning Commission has endorsed ST Residential's proposal for the second phase of the Safari Drive condominium complex along the Arizona Canal north of Camelback Road. The proposal seeks amended development standards under the city's downtown infill-incentive district and plan. Those include: View article...

Distressed Sales Drive CRE Prices Down for Fifth Month: Moody's Commercial real estate prices (CRE) in the U.S. declined in April by 3.7 percent, according to a new report from Moody's Investors Service. The New York-based agency's national property price index measures the change in actual transaction prices for commercial real estate assets based on the repeat-sales of the same assets at different points in time. View article...

Fed Chairman Points to Distress as Holding Housing Sector Back The Federal Reserve says it will complete its purchases of $600 billion in Treasury securities by the end of this month as planned - a program that Fed Chairman Ben Bernanke says has succeeded in keeping mortgage interest rates low. These low interest rates combined with the reduction in home prices endured over the last several years have made housing extremely affordable, Bernanke told reporters at a press conference following the Fed's policy meeting Wednesday, yet the housing sector continues to be depressed and weigh heavily on the overall economy. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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